Quiz
Chapter 5 Audit Quiz
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Questions in this quiz (21)
1[blank_start]Existence[blank_end] is the assertion that assets, liabilities, and equity actually exist.
- AExistence
- BAccuracy
2[blank_start]Rights/obligations[blank_end] is the assertion that a company has the right to collect or the obligation to pay something
- ARights/obligations
- BClassification
3[blank_start]Completeness[blank_end] is the assertion that all transactions have been recorded
- ACompleteness
- BAuthorization
4[blank_start]Valuation and allocation[blank_end] is the assertion that assets, liabilities, and equity are valued correctly.
- AValuation and allocation
- BAccuracy
5[blank_start]Accuracy[blank_end] is the assertion that assets, liabilities, and equity accounts are mathematically correct. It refers only to math, transposition, or amount-related errors.
- AAccuracy
- BCompleteness
6[blank_start]Occurrence[blank_end] refers to whether or not a transaction occured
- AOccurrence
- BCutoff
7[blank_start]Completeness[blank_end] refers to all transactions being recorded
- ACompleteness
- BAccuracy
8[blank_start]Authorization[blank_end] refers to all transactions being authorized
- AAuthorization
- BClassification
9[blank_start]Accuracy[blank_end] refers to transactions being properly recorded
- AAccuracy
- BOccurence
10[blank_start]Cutoff[blank_end] refers to transaction being recorded in the proper period
- ACutoff
- BAccuracy
11Sufficiency is the measure of the [blank_start]quantity[blank_end] of audit evidence.
- Aquantity
12A greater risk of misstatement requires a lower quantity of audit evidence, whereas a higher quality audit evidence results in a higher quantity of audit evidence
- ATrue
- BFalse
13Appropriateness is a measure of the [blank_start]quality[blank_end] of audit evidence.
- Aquality
- Bquantity
14Which of the following will increase the reliability of audit evidence?
- AIndependent source of evidence
- Beffectiveness of internal control
- Cpersonal relationship of the auditor with a member of the board of the client
- Dauditor's personal knowledge
- Edocumentary evidence
- FOriginal documents
15The three types of audit confirmations are positive: blank, positive: amount included, and negative.
- ATrue
- BFalse
16To fill the assurance bucket, start with [blank_start]risk[blank_end] assessment procedures, then perform tests of controls, perform substantive analytical procedures, and acquire the remaining assurance needed from tests of details.
- Arisk
- Bmisstatement
- Cfraud
17Analytical procedure have to do with non-financial data only.
- ATrue
- BFalse
18Which of the following is used to obtain evidential matter about particular assertions related to account balances or classes of transactions.
- Arisk assessment procedures
- Bsubstantive analytical procedures
- Cfinal analytical procedures
19Which of the following is NOT an example of an analytical procedure?
- Acompare client and industry data
- Bcompare the client data with similar prior period data
- Cinterview the staff member who collected the data.
- Dget to know the accounting managers to better determine whether they are honest
- Ecompare client date with the expected results, using non-financial data
20PCAOB auditing standard no. 3 governs documentation for public companies. It says that documentation must be maintained for [blank_start]7[blank_end] years from the date of the audit.
- A7
- B5
- C10
- D3
21For which of the following do managers need to insure information flows in a way that will confirm existence?
- AAccounts receivable
- BAccounts payable
- CPurchases
- DSales
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- Description
- Chapter 5 audit review test for ACCT441
- Author
- Stephany Fox
- Language
- English
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